The creditworthiness of an individual is shown by their credit score, which varies somewhere from 300 to 850. The larger borrowers’ score, the more attractive they are to prospective lenders.
A person’s credit history, which contains the accurate number of open accounts, the history of repayment, the complete amount of debt, and other aspects, is used to calculate their credit score. Lenders evaluate credit ratings to assess the possibility that a borrower will make loan repayments on schedule.
There are numerous credit bureaus in the US, but only Equifax, Experian, and TransUnion are of significant national importance. These three companies control the industry for obtaining, analyzing, and sharing consumer data in the credit markets.
Financial institutions use Fair Isaac Corp.’s (FICO’s) credit score model, which was created in the 1970s. The FICO Score is by far the most widely used credit rating system, although there are other ones as well. A person can raise their score in a number of ways, such as by making loan repayments on time and maintaining a modest debt load.
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